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re: What % of your income goes to Mortgage?
Posted on 9/27/22 at 12:36 pm to BayouBengals21
Posted on 9/27/22 at 12:36 pm to BayouBengals21
quote:
Is 18% too much?
I don’t think so, but I would not consider going much above this, assuming you are talking about gross income.
If you are talking about net income, you’re more than fine.
1
Posted on 9/27/22 at 12:59 pm to PhiTiger1764
As of now:
roughly 20% of our gross income goes to the mortgage
When my wife graduates in May, roughly 14.5% will be for the mortgage if she does not work any overtime at all.
Needless to say, I can not wait for May. By then, all car notes will be paid off and the only thing we will have is a mortgage to pay on. I hope to stay like that for at least 5 years.
roughly 20% of our gross income goes to the mortgage
When my wife graduates in May, roughly 14.5% will be for the mortgage if she does not work any overtime at all.
Needless to say, I can not wait for May. By then, all car notes will be paid off and the only thing we will have is a mortgage to pay on. I hope to stay like that for at least 5 years.
Posted on 9/27/22 at 1:07 pm to BayouBengals21
12% of our combined net.
Posted on 9/27/22 at 1:20 pm to BayouBengals21
I was surprised to do the math just now. Around 6 percent net.
This post was edited on 9/27/22 at 1:21 pm
Posted on 9/27/22 at 1:57 pm to Mingo Was His NameO
quote:Damn, I never heard anything like that before.
They cover water and electricity, which I probably should have mentioned.
Posted on 9/27/22 at 2:07 pm to tigerfoot
quote:
Damn, I never heard anything like that before.
Me either. It's townhouses so everything comes to one central main before being distributed to individual meters, but for whatever reason they just pay everything here. Everything else in the area is all seperate meters as I looked at other places as well.
Posted on 9/27/22 at 2:07 pm to BayouBengals21
Percentage doesnt matter.
What matters is how much money do you need to do the things you want/need to do? If your house payment infringes upon that, then you shouldn't do it. If you can afford everything you want to do and need to do while paying for the house and still have disposable cash every month, then do it.
Some people are house poor at 5% of their income because they have massive car payments, clothing expenses, entertainment expenses, etc.
Some people live stress free with a 60% mortgage payment because they are homebodies or outdoor types that dont spend much money on useless stuff they dont need or enjoy.
As a single income home with 3 kids and a stay at home wife, I have found that having about $2k/mo of disposable cash every month works well for us
What matters is how much money do you need to do the things you want/need to do? If your house payment infringes upon that, then you shouldn't do it. If you can afford everything you want to do and need to do while paying for the house and still have disposable cash every month, then do it.
Some people are house poor at 5% of their income because they have massive car payments, clothing expenses, entertainment expenses, etc.
Some people live stress free with a 60% mortgage payment because they are homebodies or outdoor types that dont spend much money on useless stuff they dont need or enjoy.
As a single income home with 3 kids and a stay at home wife, I have found that having about $2k/mo of disposable cash every month works well for us
This post was edited on 9/27/22 at 2:08 pm
Posted on 9/27/22 at 2:23 pm to notsince98
I guess I'll give the percentages anyway:
cost.....gross%/take home%
mortgage - 11%/18%
HOA ------ 0.3%/0.5%
Home Insurance - 0.8%/1.3%
Prop Taxes - 4.1%/6.6%
Maintenance - 0.7%/1.1%
Utilities - 2.5%/3.9%
So generally my house costs me about 19.4% of my gross pay and 31.4% of my take home pay.
cost.....gross%/take home%
mortgage - 11%/18%
HOA ------ 0.3%/0.5%
Home Insurance - 0.8%/1.3%
Prop Taxes - 4.1%/6.6%
Maintenance - 0.7%/1.1%
Utilities - 2.5%/3.9%
So generally my house costs me about 19.4% of my gross pay and 31.4% of my take home pay.
Posted on 9/27/22 at 2:27 pm to BayouBengals21
Just the mortgage alone is 15% of our after tax income, that is on a 15 year mortgage
Once you add in Insurance, Taxes, HOA it is 24% of our after tax income
Once you add in Insurance, Taxes, HOA it is 24% of our after tax income
This post was edited on 9/27/22 at 2:29 pm
Posted on 9/27/22 at 2:41 pm to BayouBengals21
8.8% of net income but I live in a LCOL city so that helps
Posted on 9/27/22 at 2:54 pm to BayouBengals21
not counting my wife's income, 42-ish%. i pay the mortgage/electricity. she pays for grocery's, water/gas, trash, etc.
Posted on 9/27/22 at 3:01 pm to BayouBengals21
my monthly payment includes escrow for taxes and insurance
this monthly payment is:
around 18-19% of my net income
around 11% of my gross income
this monthly payment is:
around 18-19% of my net income
around 11% of my gross income
This post was edited on 9/27/22 at 3:04 pm
Posted on 9/27/22 at 4:10 pm to DVinBR
I'm surprised that nobody has said 0%. Paid off years ago.
Posted on 9/27/22 at 4:37 pm to Asharad
25%
To be fair, it isn't any of my current income. Basically, my retirement / Disability payment from military is my mortgage payment, I refid and took cash out to set it up that way.
So, locked in a 2.25% on jumbo, got lots of cash to boot and now the military retirement will pay off my forever home in 29 yrs. I don't touch a single dollar of my current income for my home.
To be fair, it isn't any of my current income. Basically, my retirement / Disability payment from military is my mortgage payment, I refid and took cash out to set it up that way.
So, locked in a 2.25% on jumbo, got lots of cash to boot and now the military retirement will pay off my forever home in 29 yrs. I don't touch a single dollar of my current income for my home.
Posted on 9/27/22 at 4:41 pm to Asharad
quote:
I'm surprised that nobody has said 0%. Paid off years ago.
Most are including taxes and insurance in their #. I'm assuming you still have these expenses?
Posted on 9/27/22 at 4:54 pm to BayouBengals21
You need to qualify in your question if you should include taxes, insurance and HOA.
15 year note - P&I only - 7.6% of gross
Include HOA, taxes and insurance (I’m in a high rise) - 13.4% of gross
But as other people have mentioned it’s all the other stuff tied up (car payments, daycare, utilities, car insurance, etc…. The important thing for me is to have enough to where I save 25% of my gross each year (including company matching). Anything above that I allow myself to spend if I so choose as I believe you have to live in the present as well.
15 year note - P&I only - 7.6% of gross
Include HOA, taxes and insurance (I’m in a high rise) - 13.4% of gross
But as other people have mentioned it’s all the other stuff tied up (car payments, daycare, utilities, car insurance, etc…. The important thing for me is to have enough to where I save 25% of my gross each year (including company matching). Anything above that I allow myself to spend if I so choose as I believe you have to live in the present as well.
This post was edited on 9/27/22 at 5:02 pm
Posted on 9/27/22 at 5:43 pm to BayouBengals21
4%
P&I / annual gross
P&I / annual gross
Posted on 9/27/22 at 5:45 pm to BayouBengals21
6%
P&I + Ins + RE Taxes / annual gross income
P&I + Ins + RE Taxes / annual gross income
Posted on 9/27/22 at 5:59 pm to Lsut81
The mortgages, taxes, insurance makes up 19.7% of my take home. Good rule of thumb is less than 25% but most will do 30-35%
Posted on 9/27/22 at 6:15 pm to tigerbacon
9.67%...taxes and insurance. No mortgage expense. Based upon take home.
This post was edited on 9/27/22 at 6:16 pm
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